A $440 million relief package has been announced for renters and landlords in NSW who have been impacted by the COVID-19 pandemic.
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The package, announced by the state government yesterday, will be split between renters and landlords in the residential and commercial sectors, in what is the first set of COVID-19 guidelines for the former.
Under the scheme, a six-month moratorium will be put in place for new forced eviction applications if the tenant is suffering financial hardship due to the COVID-19 pandemic.
The scheme applies to tenants who have lost 25 per cent or more of their income, and will require landlords or managing agents to enter into negotiations with a tenant who is struggling to make rental payments.
Tenants will be protected from eviction until the NSW Civil and Administrative Tribunal is satisfied negotiations have been finalised, with any unpaid rent to accrue as arrears in that time.
In addition, residential landlords will be eligible for a land tax waiver or rebate of up to 25 per cent if they alter rental prices for tenants in need of financial assistance.
Raine and Horne director Matt Clifton said the announcement provides much needed clarity for renters and landlords.
"From a local perspective, we now have guidelines to work within for residential tenants and landlords who have been impacted by the COVID-19 outbreak," Mr Clifton said.
"At this stage we, as a property management business, haven't been significantly impacted by COVID-19, but it's an ever-evolving scenario."
Mr Clifton said renters and landlords have been co-operative in the midst of the COVID-19 outbreak thus far.
"We've had a small number of tenants who have lost their jobs and the response from landlords has been excellent; they've been sympathetic and willing to assist their tenants where they can," he said.
"Some landlords have been impacted as heavily as tenants with job losses, and they require the income to pay their mortgages as much as tenants require income for their rent.
"Everyone has to share the burden of this shared predicament, and the key objective is to ensure tenants can retain their property and landlords can afford to negotiate tenancy terms."
Despite the COVID-19 situation, Mr Clifton said Bathurst's rental market is still strong.
"As of last week, Bathurst's residential vacancy rate was 2.5 per cent, which is a relatively low figure," he said.
"We're still receiving regular rental enquiries, and while we can't conduct open houses at the moment, we're still able to facilitate individual inspections."